Cairo – Mubasher: Porto Group Holding on Sunday reported a 53% year-on-year decline in consolidated profits for fiscal year 2018 due to a decrease in annual revenue.

The company logged EGP 114.64 million in profits for the full-year ended 31 December 2018, versus EGP 245.5 million in the same period of 2017, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX).

Revenues fell to EGP 1.66 billion in the 12-month period ended last December from EGP 2.38 billion in 2017, the real estate firm added.

At the level of standalone business, the company suffered a net loss of EGP 12.8 million last year, against profits of EGP 177.15 million a year earlier.

Porto Group previously posted a 54% year-on-year drop in consolidated profits for the first nine months of 2018, achieving EGP 115.8 million in profits, versus EGP 251.87 million in the same period of 2017.

The real estate developer also recorded standalone losses of EGP 11.8 million for the nine-month period, versus losses of EGP 6.4 million in the corresponding period of 2017.